INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A company or organization that sells products or provides services to customers.
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A system in which people buy and sell goods, services, and resources.
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The more people demand the more business will supply.
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Someone who starts a business with the intention of earning a profit.
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Detailed explanation-1: -An entrepreneur is an individual who takes the risk to start their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.
Detailed explanation-2: -What is an entrepreneur? An entrepreneur is a person who sets up a business with the aim to make a profit. This entrepreneur definition is a bit vague, but for good reason. An entrepreneur can be a person who has a home business idea and sets up their first online store on the side, or a freelancer just starting out.
Detailed explanation-3: -An entrepreneur is someone who starts or owns a business. Whether it’s in farming, retail, manufacturing or in the service sector, entrepreneurs are businesspeople who find their success by taking risks. In their pursuits, they often become disruptors in established industries.
Detailed explanation-4: -Definition of entrepreneurial profit compensation for the expertise and successful effort of a skilled businessperson. In accounting, any and all profit could be attributed to this effort. In economics, this is the portion over and above a normal profit for typically competent management.
Detailed explanation-5: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)